Gasgoo Munich- On November 10, Unitree Tech (688836) opened strong and kept climbing, briefly touching 809 yuan during intraday trading. The stock surged back above the 800-yuan mark, pushing its total market capitalization past 320 billion yuan at one point.
By the closing bell, Unitree’s gains had narrowed to roughly 6.3%. The stock settled at 761.01 yuan, leaving its market capitalization at around 307.8 billion yuan.
Image source: Screenshot from East Money
By the morning session, Unitree had overtaken former "stock king" Semight Instruments to become the third-priciest stock on the A-share market, trailing only Kweichow Moutai and Cambricon. Its market valuation also eclipsed traditional blue chips such as China Pacific Insurance, East Money, and Wuliangye.
Cast back to August 19: Unitree debuted on the STAR Market at an issue price of 150.80 yuan. It opened at 1,100 yuan on day one, briefly sending its market cap above 440 billion yuan. But the rally didn't last. By early September, the stock had halved from its peak. It hit a post-listing low of 404.03 yuan on October 15—a roughly 63% retreat from the highs.
Just 18 trading days later, Unitree has clawed its way back to 800 yuan—nearly doubling its value. The momentum behind this rebound stems from two sources: sector-wide strength and external validation.
On the sector front, humanoid robot concepts rallied across the board. Tongxing Tech surged by the 20% daily limit, while Guangyang, Fulai New Material, and Yijia He also hit limit-up levels. Leaders and supply chain players rose in tandem.
On the news front, Apple’s research team published a paper on arXiv on November 4 detailing HALO, an autonomous control system for humanoid robots. The team open-sourced its data, models, and deployment code—using Unitree’s G1 as the verification platform. The robot completed 360 individual tests across six unseen, unmapped real-world environments with an average success rate of 91%, effectively cementing the G1 as a reference standard for humanoid research.
Those developments were compounded by recent news that PetroChina’s Kunlun unit plans a joint venture for industrial embodied intelligence solutions. Add to that a strategic partnership with Lightwheel AI and the establishment of a Tianjin subsidiary, and market sentiment was significantly amplified.
At the same time, global tech giants are making moves: Meta was revealed to have partnered with Fourier Intelligence to build a prototype in just three months, Amazon has assembled a new home robotics team, and Tesla is planning to lease out its robots.
Still, Unitree’s price-to-earnings ratio remains elevated overall.
Unitree’s latest quarterly report shows revenue for the first nine months reached 1.817 billion yuan, a 55.7% increase from a year ago. Net profit attributable to shareholders jumped 270.5% to 387 million yuan. However, that surge was largely due to a low base effect caused by equity payments last year. Stripping out non-recurring items, net profit actually fell 18.8% to 349 million yuan.
